Baker Mayfield, the first starting quarterback for the Tampa Bay Buccaneers after Tom Brady’s retirement, signed a one-year prove-it deal with the team. After outperforming his initial contract, the question arises: How much is the veteran QB worth to Tampa Bay going forward?
In 2023, Mayfield had an impressive season, earning well above his $4 million base salary through incentives for individual and team performance. He proved his value to the Buccaneers, and now the team will need to offer a more lucrative and extended contract to retain him for 2024 and beyond.
Let’s take a look at Mayfield’s contract history to understand his current market value. As the No. 1 overall draft pick of the Cleveland Browns in 2018, Mayfield signed a four-year rookie contract worth $32.68 million, fully guaranteed. The Browns exercised his fifth-year option for the 2022 season, guaranteeing him an additional $18.9 million.
However, Mayfield’s salary situation became complicated when the Browns traded for Deshaun Watson in the 2022 offseason, leading Mayfield to request a trade. He was eventually traded to the Carolina Panthers for a conditional fifth-round draft pick, agreeing to a $3.5 million pay cut and receiving only $5 million from the Panthers. The Browns still owed him $9 million for his play in the 2022 season.
After a disappointing stint with the Panthers, Mayfield requested his release in December and earned the remaining $1.35 million owed to him when the Los Angeles Rams signed him off waivers. The Buccaneers then signed Mayfield to a one-year deal worth $4 million in March.
Considering Mayfield’s career earnings, he has made over $55 million in his six full NFL seasons, averaging more than $9 million per season. Now, let’s project his potential contract with the Buccaneers.
Looking at a parallel situation from the 2023 offseason, where offensive coordinator Dave Canales helped revive Mayfield’s career, we can draw comparisons to Geno Smith’s contract with the Seattle Seahawks. Smith, who turned 33 in October, had a breakout season in 2022 and led the Seahawks to the playoffs.
Smith was rewarded with a three-year contract worth $75 million, with $40 million guaranteed. Comparing Smith’s season to Mayfield’s impressive 2023 season, Mayfield performed better and more consistently. Additionally, Mayfield is younger and has greater long-term potential as a franchise quarterback.
The Buccaneers currently have around $50 million in cap space for 2024, providing them with flexibility to negotiate a favorable deal with Mayfield. Both Mayfield and the team have expressed a desire to continue their partnership, creating mutual motivation to reach a satisfactory agreement.
Considering the rising QB market, a contract extension for Mayfield could be in the range of five years at $150 million, with approximately $60 million guaranteed. This offer would not only be reasonable but also position the Buccaneers in the middle of the pack in terms of QB salaries.
Locking Mayfield up through his age-33 season would provide the team with stability and flexibility to address other roster concerns while remaining competitive. This contract would be a good-faith reward for Mayfield’s performance and potential.
In conclusion, Baker Mayfield has proven his worth to the Tampa Bay Buccaneers with his outstanding play in 2023. The team has the financial means to offer him a substantial contract extension, ensuring his continued presence as their starting quarterback and securing their future success.